Getting a mortgage loan without a paycheck is not a difficult undertaking. The main requirement, as for other types of financing, is to ensure the payment of the repayment installments of the loan. In this case it will be our property to act as a guarantee . In a period such as the current one, in which permanent contracts are falling more and more in favor of precarious work situations and unemployment does not decrease, it is clear that banks and financial companies must also be more flexible. This does not mean that the loans are easily disbursed without the guarantee of the classic paycheck but that there are certainly other guarantees to cling to. If the monthly payment to be paid for a loan is substantial, we can only resort to a mortgage loan. So we return to the classic collateral. Let’s find out together the peculiarities of this form of financing that make it different from other personal loans . We also see how to request this type of loan.
The mortgage is, above all in recent years, the most requested guarantee for mortgages and loans. A way to protect the subject if he / she is insolvent towards the credit institution due to unforeseen circumstances of an economic nature. The mortgage is turned on in case of loan for the purchase or even the renovation of an apartment. This type of guarantee is also referred to by the Civil Code which defines it as ” a real right of guarantee that a subject, the bank or the financial, acquires on another person’s property “. The person obviously is the client who requests funding. If the latter fails to pay the repayment installments and therefore to repay the amount lent by the bank, the mortgage would act as a guarantee as it would cause the bank could obtain the property that we bought or restructured .
What is a mortgage without a paycheck?
A mortgage loan is a form of financing that consists in subscribing a mortgage to guarantee the repayment of the amount received. In fact, the mortgage is ignited on the property owned by the loan applicant. The house is a guarantee that the client of a bank or financial institution can receive the required credit . Should the subject fail to repay the amount received in exchange for the mortgaged property, the bank will become its owner.
The house is not the only good of value that can be used for the mortgage. Although when referring to mortgage loans, most of the cases are referred to a property apartment, any other type of property, either movable or immovable, can be used as security. The important fact is that it must be of value anyway. The mortgage can be turned on, in fact, on luxury goods, such as jewelry, on works of art or on antiques .
This form of loan, which is part of the type of personal loans, is often put on the same level as a mortgage. The common element is the presence of a mortgage. When you go to the bank and sign the loan agreement, the owner of the house or mortgaged property will not be able to alienate it. The use of the property is also prohibited during the term of the loan.
Who delivers it?
The mortgage loan is not paid by all lenders. One of the first steps is to check which bank offers this type of financing. The main feature of loans with a mortgage on the house, or in any case on other assets, is the sum that can be requested . The amount can also be very high. Obviously it will be necessary to hold a valuable asset. The duration of the loan varies depending on the value of the property (or property) that has been given as collateral and the amount of the loan . Usually personal loans, which have a flat as a guarantee, last longer than other personal loans. Every personal loan with a mortgage is therefore different from the other. Everything varies according to who provides the financing. Our suggestion is to choose after careful selection. There are also online mortgage loans that therefore do not force you to go to the premises of a bank or a finance company.
What are the times to get a mortgage loan?
Times are not as long as one might think. The bank or any other credit institution will provide the requested sum after having carried out the necessary checks. In fact, an assessment will be carried out on the property that will act as a guarantee. Following this there will be an expertise that will establish its value . Based on the latter transaction, the maximum amount to be paid for a home mortgage loan will be established.
Also, do not forget this step that is very important if you decide to access this form of financing: the amount that is paid out with the loan is almost never the same amount that emerged from the appraisal of the apartment. Usually the liquidity given as a loan corresponds to the percentage of the value of the appraisal that does not go beyond 80 percent. It is rare that you get 100 percent: this occurs only when the loan applicant is able to put on the table many other guarantees.
Is a mortgage loan worthwhile? It is one of the most popular questions on financing. Surely it is a financial situation aimed at those who need personal loans that present an amount of at least 50,000 euros. We are talking about a loan that is characterized by the repayment of the same sum with monthly installments and an amortization plan that have a duration of between 5 and 25 years.
What documents to present?
A personal mortgage loan is not that different from standard loans. The documents to be presented are almost always the same. Who requires funding must bring a valid ID , a document that certifies the income (can be a paycheck in case of employee, a single model in the case of self-employed or pension coupons) and a document that certifies the residence in Italy .
The element that distinguishes it, clearly, from other personal loans is the presence of the mortgage. To the documents, which we have listed above, we must add the papers that prove the possession of the apartment that we have placed under warranty. We speak of property but also of other valuable or luxury goods. The property of the property must be certified one hundred percent. If the apartment is owned by more than one person, do not worry. We do not stop anyway but we proceed. It is only necessary to present the authorization to mortgage the house by the remaining owners. The initial phase, relating to the application of the mortgage loan compared to the other types of personal loans, could naturally have a longer duration. The practice must be carefully evaluated and then we move on to the appraisal of the apartment placed in a mortgage.
Then summarize schematically the documents that must be presented in the bank if you want to request a mortgage loan:
- documentation certifying ownership of the property;
- valid identity document and tax identification number;
- work contract or Unico model.
Mortgage loan on the house: agrees?
Mortgage loans on the home are functional if the amount requested in the bank is high. In fact, these loans, precisely for mortgaged goods, differ from the others and present a very high value. Our advice, before entering into such a contract with a credit institution, is to study well its economic situation and to assess the danger of not being able to meet the repayment installments . In case of insolvency , in fact, the bank will become the legitimate owner of the property.
The consultants also suggest for mortgage loans, as for all other types of personal financing, the stipulation of an installment lower than their economic possibilities. In this case, the customer can declare himself ready to return the amount obtained even if there should be an unforeseen event and therefore a drop in the income at home.
If we are going to apply for and obtain a mortgage or mortgage loan, we must keep some points in mind:
- The registration of the mortgage occurs only through a notarial deed ;
- The mortgage in the event of a loan has a legal term of 20 years. Once the two decades are over, if the mortgage turned on has not yet been instinct, then the subject will have to stipulate another mortgage contract in order to carry on the guarantees of the loan.
- Also in the case of a mortgage loan, the contract is deposited with the lists of the Real Estate Conservatory.
- The mortgage deed is a public act. It is in fact published on property registers.
- When the mortgage or loan is extinguished, the mortgage decays. The cancellation can also be requested.
Mortgage, cancellation and extinction: what do you need to know?
If the loan or mortgage loan is extinguished, the mortgage can no longer be used even if it is still present in the real estate register . The mortgage is a real guarantee right. Here is the explanation provided by Diritto.it : ” The modern configuration of the mortgage as a real guarantee on what others are doing is the equilibrium point reached between the opposing requirements of credit protection and freedom in the circulation of goods. In the period prior to modern codifications, the mortgage bond on an asset entailed its inalienability “.
Let’s find out together in which cases we can talk about extinction of the mortgage . We list the various situations:
- the creditor cancels the mortgage;
- the obligation for which the mortgage registration had taken place (an example is that of a welded loan) is extinguished;
- the mortgaged property is destroyed;
- the creditor decides to renounce;
- by decision of the Court;
- the expiry of the term or condition to which the mortgage has been limited;
- prescription, that is, after 20 years have passed without anyone having requested renewal.
Also the cancellation occurs in the cases listed above but it is not automatic as it is extinction . It will be the responsibility of the owner of the mortgaged property to apply for the cancellation from the real estate registers. This is an important act that protects the owner of the property. Once the mortgage is extinguished, do not forget to proceed with the cancellation. Only this last step will indicate that our home is completely free.
But how do I cancel the mortgage ? If we are referring to a voluntary mortgage , there are two ways we can take:
- in a free and simple way when the mortgage has been registered as a guarantee for a loan or financing. Communication from the bank or interested party to the Agency in the territory in which the extinction is made (within 30 days ) is required so that the competent offices can cancel it.
- by means of a notarial deed : it will be up to the notary to communicate the extinction to the competent offices by submitting a document showing the expressed consent of the creditor to the cancellation.
On the other hand, if the reference is to a judicial mortgage, it will be proceeded only after a provision by the judge who, having ascertained the extinction of the mortgage, will order its cancellation.
The automatic cancellation of the mortgage does not include additional costs and expenses, as established by the provision that started this instrument. We speak of the law 40/2007, known to most also as Bersani Decree.
Life annuity mortgage loan: what does it consist of?
Life annuity mortgage loan is a financial solution that provides citizens with more than 60 years of age the ability to access credit faster. In fact, this form of financing allows the applicant to obtain credit, using as a guarantee the mortgage on the apartment owned . Not all lenders have joined this new initiative.
The mortgage loan is considered as a sort of alternative to property: the loan applicant does not lose ownership of the mortgaged apartment. The value of the dwelling is also fixed following an appraisal carried out by expert personnel: you can still receive an amount that can vary from 15% (around 65 years) up to 50-55% (around 90 years).
There are two methods of reimbursement for this form of financing: the first solution provides that once the sum is received in a single solution, no installments are paid until one is alive. The applicant is dead, in fact it will be up to the heirs to repay the debt. How? You can sell the property or proceed from your own pocket. The second way is to pay only the interests of the loan each year . This saves on the total amount of the amount to be returned.